BUSINESS MONDAY: Central Bank: Domestic exports decline

THE export of construction materials has increased to just under $50 million so far in 2019 and indications are that it can top that amount before year-end.

However, latest figures on trade have revealed that the value of Rum exports up to the third quarter of 2019 is below that for the same period a year ago.

The data published by the Central Bank of Barbados, in its coverage of the goods export sector so far this year, put domestic exports at $378.3 million, compared to $384.0 million a year earlier.

According to the data, export of construction materials was valued at $47.2 million at the end of the reporting period, up from the $37.2 million a year earlier.

Chemical exports accounted for $59.2 million in income at the end of the nine-month period.

In calendar year 2018, the local Rum industry fetched approximately $80 million from ex-ports. However, when compared to the period January to September last year, Rum exports have slowed.

The Central Bank of Barbados figures show export values of approximately $59.0 million for the recent nine-month period, as against $62.5 million a year earlier.

Rum is Barbados’ top export commodity following a series of restructuring and product improvements undertaken by industry players.

Data on other exports show food manufacturers earning $59.0 million. The export of Printed Paper Labels brought in $17.8 million; and there was a paltry $200 000 from the export sale of Sugar, which followed a very disappointing crop in 2019.

Other exports earned $145 million while re-exports fetched $322.5 million.